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RedfinNow Expands Into Tucson As Las Vegas Operations Resume
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RedfinNow Expands Into Tucson As Las Vegas Operations Resume

RedfinNow has expanded its operations into Tucson, bringing the total to 22 markets in which its service is currently available. Expansion into  Tucson is part of the company’s efforts to offer homeowners multiple ways of selling their homes. The technology in use should also simplify the process.

The technology-powered real estate broker has also confirmed the reopening of its operations in Las Vegas, temporarily halted due to the pandemic. Redfin Corp’s (RDFN) RedfinNow expanding into Tucson should make it easier for homeowners to sell their homes without contending with the hassles of renovating , let alone clearing out for private showings.

RedfinNow, the iBuying service, offers a convenient way of selling homes by offering cash directly to sellers for their homes.

“We’re seeing record-high competition and price growth for homes right now, but the red-hot housing market is a double-edged sword for sellers who are also trying to buy. RedfinNow makes it easy for people to get the money from their current home to buy their next and line up the closings so they only have to move once,” said Jason Aleem, RedfinNow’s Vice President.

In Las Vegas and Tucson, Redfin has started making offers for single-family homes. Once it owns the homes, it will update and list them for sale on the open market.

Redfin shares are down about 3% for the year after more than tripling in value last year. (See Redfin stock analysis on TipRanks).

Expansion into Tucson comes just days after  Evercore ISI’s analyst Mark Mahaney initiated coverage on Redfin with a Hold rating. The analyst believes RDFN  is a strong fundamental asset in the real estate industry in the early phases of digitization.

However, he has warned that natural growth constraints in the core brokerage model could cause some headaches. Mahaney maintains a $75 price target implying 12.8% upside potential to current levels.

Consensus on Wall Street is that Redfin is a Moderate Buy based on 4 Buy and 6 Hold ratings. The average analyst price target of $86.13 implies 29.62% upside potential to current levels.

According to TipRanks’ Hedge Fund Trading Activity, hedge fund confidence in RDFN is currently neutral based on activity of 4 hedge funds in the recent quarter.

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